# OpenAI Lost $6.95B in Q1 2026

> Source: [https://botensten.com/articles/openai-q1-2026-burn-rate](https://botensten.com/articles/openai-q1-2026-burn-rate) (canonical)
> Author: iCharles News — Botensten, https://botensten.com
> Published: 2026-06-17 · Updated: 2026-06-22

## TL;DR

OpenAI generated $5.7 billion in revenue during Q1 2026 but spent $1.22 for every dollar it earned, producing an adjusted operating loss of roughly $6.95 billion for the quarter. The figures, first reported by The Information from internal financial disclosures, show the company running a –122% adjusted operating margin. ChatGPT weekly active users averaged 905 million, short of a 1 billion internal target, while paying subscribers reached 55 million.

## What were OpenAI's Q1 2026 revenue and losses?

OpenAI generated **$5.7 billion in revenue** in the first quarter of 2026, according to internal financial disclosures [first reported by The Information](https://www.wheresyoured.at/exclusive-openai-financials/). At the same time, the company spent $1.22 for every $1 it brought in. That produced an adjusted operating loss of roughly **$6.95 billion** for the quarter.

The adjusted operating margin came in at **–122%**. That figure strips out non-cash items like stock-based compensation but still reflects the raw cost of running one of the world's largest AI platforms.

## How does OpenAI's spending compare to its revenue?

Here's what we know so far from the disclosed figures — the gap between revenue and costs is stark.

| Metric | Q1 2026 |
|---|---|
| Total Revenue | $5.7 billion |
| Adjusted Operating Margin | –122% |
| Adjusted Operating Loss | ~$6.95 billion |
| Weekly Active Users (avg) | 905 million |
| Paying Subscribers (end of Q1) | 55 million |
| Full-Year Revenue Target | $30 billion |

If the –122% margin holds for the full year, projected losses would reach roughly **$36.6 billion** against the $30 billion revenue target, [as reported by The Information](https://www.wheresyoured.at/exclusive-openai-financials/).

## What drove OpenAI's Q1 2026 revenue growth?

Revenue growth came from several areas. [The Tech Portal reports](https://thetechportal.com/2026/05/22/openai-generates-5-7bn-revenue-in-q1-2026-around-1bn-ahead-of-anthropic-report/) that **[ChatGPT](/articles/chatgpt-market-share-below-50) subscriptions, enterprise AI tools, developer APIs, and coding products like Codex** all contributed. OpenAI is also testing AI-powered advertising inside the ChatGPT app.

The company's API business has become a major revenue engine. Thousands of startups and enterprise software providers now use OpenAI models as foundational infrastructure instead of building their own. The company is now generating around **$2 billion in monthly revenue**.

Chief Revenue Officer **Denise Dresser** said OpenAI expects its commercial enterprise division to account for **50% of total revenue** by the end of the year.

## Did ChatGPT hit its user growth targets?

No. OpenAI missed its internal target of reaching **1 billion weekly active users** by the end of 2025. Weekly active users averaged **905 million** in Q1 2026, down slightly from a peak of **920 million** in February.

Of those 905 million weekly users, only **55 million were paying subscribers** at the end of Q1 — up from 47 million at the end of 2025. That puts the paying conversion rate at roughly **6%**.

## How does OpenAI compare to Anthropic in Q1 2026?

OpenAI's $5.7 billion in Q1 revenue put it about **$1 billion ahead of Anthropic**, which reportedly generated around **$4.8 billion** in the same period, according to The Information.

The competitive picture shifts when looking forward. Anthropic projects its Q2 revenue will nearly double to around **$11 billion**, with a projected non-GAAP operating profit of about **$600 million** — a notable contrast to OpenAI's deep losses. Anthropic's annualized revenue has reportedly climbed to about **$45 billion**, compared to OpenAI's annualized figure of around **$25 billion**.

Anthropic has also agreed to terms for a new **$30 billion fundraising round** that could value the company at around **$900 billion** — potentially above OpenAI's latest valuation of approximately **$852 billion**.

For more on how AI revenue models are reshaping the competitive landscape, see our coverage of [Perplexity CEO revenue](/articles/perplexity-ceo-hybrid-local-revenue) and [Zhipu's GLM-5.2 launch](/articles/zhipu-surge-glm-52-launch).

## How is OpenAI funding its operations?

OpenAI closed a **$122 billion funding round in March 2026**, valuing the company at around **$852 billion**. Core infrastructure partners include **NVIDIA and Amazon**. The round makes OpenAI one of the world's most valuable private technology firms.

The company continues to spend heavily on GPUs, cloud infrastructure, data centers, and next-generation model development. Those costs are the primary driver of the –122% adjusted operating margin.

The scale of AI infrastructure investment is a theme across the sector — Nvidia's own manufacturing commitments, including its [Texas coherent factory](/articles/nvidia-coherent-texas-factory-groundbreaking), reflect just how capital-intensive the AI buildout has become.

## What is OpenAI's full-year 2026 revenue target?

OpenAI's executive team has said the company remains "on track" to hit **$30 billion in full-year 2026 revenue**. The company is reportedly generating around $2 billion per month, which would support that target if growth holds.

Both OpenAI and Anthropic have been unusually transparent with financial data ahead of **rumored IPOs targeted for as early as Q4 2026**. The disclosures come as both companies compete for investor attention and large enterprise contracts. The broader question of how AI economics affect employment is one [analysts like Jeff Bezos](/articles/bezos-ai-labor-shortage-deflation) have also begun to address publicly.

OpenAI's most concrete confirmed milestone remains its $30 billion full-year revenue target, with the company's executive team on record saying it expects to hit that figure.

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## Frequently asked questions

**How much revenue did OpenAI make in Q1 2026?**

OpenAI generated $5.7 billion in revenue during the first quarter of 2026, according to internal financial disclosures first reported by The Information. The company is now generating approximately $2 billion in monthly revenue. Growth was driven by ChatGPT subscriptions, enterprise AI tools, developer APIs, and coding products like Codex, as well as early testing of AI-powered advertising inside the ChatGPT app.

**How much money did OpenAI lose in Q1 2026?**

OpenAI ran a –122% adjusted operating margin in Q1 2026, meaning it spent $1.22 for every $1 it earned. That produced an adjusted operating loss of roughly $6.95 billion for the quarter. The figures come from internal financial disclosures reported by The Information and exclude non-cash items like stock-based employee compensation.

**How many users does ChatGPT have in 2026?**

ChatGPT averaged 905 million weekly active users in Q1 2026, down slightly from a peak of 920 million in February. OpenAI had set an internal target of reaching 1 billion weekly active users by the end of 2025 but missed it. Of the 905 million weekly users, 55 million were paying subscribers at the end of Q1 — a conversion rate of roughly 6%.

**How does OpenAI's revenue compare to Anthropic's in Q1 2026?**

OpenAI's $5.7 billion in Q1 2026 revenue put it about $1 billion ahead of Anthropic, which reportedly generated around $4.8 billion in the same period. However, Anthropic projects Q2 revenue of around $11 billion with a non-GAAP operating profit of about $600 million, while OpenAI continues to run at a significant loss despite its larger current revenue base.

**What is OpenAI's valuation after its 2026 funding round?**

OpenAI closed a $122 billion funding round in March 2026, valuing the company at approximately $852 billion. Core partners in the round include NVIDIA and Amazon. The raise makes OpenAI one of the world's most valuable private technology companies. Anthropic, by comparison, has reportedly agreed to terms for a $30 billion round that could value it at around $900 billion.